本文根據金管會在 2020 年提出的「綠色金融行動方案 2.0」中強化企業社會責任 報告書之品質與資訊揭露等規範，來探討臺灣鋼鐵產業揭露企業社會責任報告書對財 務績效的影響，並使用矩陣補全法來分析其中的因果關係。根據實證結果，我們發現 臺灣鋼鐵產業揭露企業社會責任報告書在短期內會顯著提升企業的財務績效，而長期 則會恢復至原來之水準。自願揭露的企業同樣在短期內有顯著效果，但進一步分析發 現財務績效的提升並非直接來自揭露報告書，而是源自於個別企業接下政府部門或公 家單位的合作標案。我們也衡量了揭露企業社會責任報告書對企業債務資金成本的影 響，然而實證結果表明，鋼鐵公司揭露企業社會責任報告書不會促使公司的債務資金 成本降低。

This study examines the impact of corporate social responsibility (CSR) reporting on the financial performance of the Taiwanese steel industry, in accordance with the regulations set forth in the Financial Supervisory Commission's "Green Finance Action Plan 2.0" proposed in 2020. Causal relationships within this context are analyzed using matrix completion methodology. Based on empirical findings, we observed that the disclosure of CSR reports in the Taiwanese steel industry significantly improves short-term financial performance. However, in the long term, financial performance tends to revert to its original level. It is noteworthy that voluntary disclosure by companies also has a significant short-term effect. Nevertheless, further analysis revealed that the improvement in financial performance is not directly attributed to the disclosure of reports but rather stems from specific projects undertaken by individual companies in collaboration with government agencies or public entities. We also assessed the influence of CSR report disclosure on the cost of debt capital for these steel companies. However, empirical results indicate that disclosing CSR reports does not lead to a reduction in the cost of debt capital for these companies.

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